US To Offer $450 Million For Egypt’s Budget

Planning and International Cooperation Minister Ashraf al-Arabi said that the United States government will offer $450 million grant in support for Egypt’s state budget as well as negotiations to write off $650 million from Egypt’s debts.

The Minister pointed out that $10 billion loans will be available from other countries as soon as Egypt obtains the International Monetary Fund’s loan, hoping it will be by the end of this year.

Arabi denied that loan negotiations with the International Monetary Fund (IMF) have referred to any new program of privatization needed from Egypt.

Arabi, speaking at a press conference on Wednesday 12/9/2012, said the Egyptian government has conducted a national economic reform program to be put into effect within the coming period to solve the accumulating structural problems in Egypt, rationalize government spending, cut down the budget deficit that reached 135 billion pounds and provide new resources to achieve human development and social justice.

He said the IMF officials, who will arrive in Egypt within weeks, will be updated on this program.

Egypt State Information Service